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Thursday, October 14, 2010

Ohio's Economy Finally Climbing Off The Mat: Data Shows Job Growth No Longer Flatlined For 2010

CINCINNATI (TDB) -- There are jobs being created in Ohio this year -- 36,200 have been added in the private sector to date.  A meager recovery, but a recovery nonetheless.  Some 600,000 jobs have disappeared in the last decade -- including nearly 400,000 during the Great Recession that started in December 2007 -- but new jobs are slowly returning to Ohio.  The economic crisis was worsened by Wall Street's collapse and the burst mortgage bubble.  The year-to-date trend line for jobs in Ohio is finally beginning to tick in the correct direction.  Meanwhile, state budget officials are reporting glimmers of other positive economic signals, including an uptick in tax revenues that reflects the current flow of Ohio's economy.  They also said state spending is down, an indication that Gov. Ted Strickland is holding the line.  The monthly financial report prepared by Ohio's Office of Budget and Management went out two days ago.  It said:

"During the month of September, Ohio's General Revenue Fund (GRF) tax receipts totaled $1.494.4 million [$1.5 billion], $56.2 million (3.9%) above the monthly estimate.  General Revenue Fund tax receipts for the year-to-date total $3.9997.7 million [rounded to $4 billion] and are $248.2 million (6.6%) greater than the same point a year ago.  For the second month in a row, Ohio has seen better-than-expected performance across most tax sources, and as a result, tax receipts for the first quarter of the fiscal year are $107.0 million  (2.7%) above estimate."

"September fiscal year 2011 GRF spending totaled $2.182.3 million [$2.2 billion] and is $173.2 million (7.4%) below estimate for the month.  On a year-to-date basis, total GRF disbursements are $33.8 million (0.4%) under estimate.  This variance is attributable to under-spending in nearly every category of GRF disbursements."

The full-text of Ohio's latest monthly financial report is available on the OBM website. It is the document dated Oct. 12, 2010.

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